SATO has completed the acquisition of all the shares in SVK Yhtymä Oy
17 June 2016
SATO Corporation, Corporate Action, 17 June 2016 at 9:38 am
SATO Corporation ('SATO') announced on 1 April 2016 the acquisition of all the shares in SVK Yhtymä Oy. The transaction was completed by a directed share issue approved by SATO's Board of Directors. Shareholders of SVK Yhtymä subscribed for a total of 728,763 shares in SATO. As a result of the transaction, 1,255 modern rental apartments were transferred to SATO. The directed issue was carried out based on the authorisation granted to the Board of Directors by the Annual General Meeting on 3 March 2016.
The subscribed shares entitle their holders to possible dividends and to other shareholders' rights in SATO starting from the date when the shares have been registered in the Trade Register.
President and CEO Saku Sipola from SATO:
- This transaction is one of the two significant rental home investments that SATO has completed in spring and increased the number of our apartments by approximately 2,300 units. The apartments are located in cities identified by SATO as growth areas: the Helsinki Metropolitan Area, Tampere and Turku. We continue to aim for strong growth, and we are actively scanning for new investment targets.
Saku Sipola, President and CEO, phone +358 201 34 4001 or +358 40 551 5953
Tuula Entelä, Vice President, phone +358 201 34 4007 or +358 400 612 914
SATO is one of Finland's leading rental housing providers. SATO's aim is to offer comprehensive alternatives in rental housing and an excellent customer experience. All told, SATO holds roughly 23,400 rental homes in Finland's largest growth centres and in St Petersburg.
In our operations, we promote sustainable development and initiative-taking, and work in open interaction with our stakeholders to create added value. We operate profitably and with a long-term view. We increase the value of our housing property through investments, divestments and repair work.
SATO Group's net sales in 2015 were €323.4 million, operating profit €196.5 million and profit before taxes €159.4 million. SATO's investment properties have a value of roughly €2.8 billion.
The information contained in this release shall not constitute an offer to sell or the solicitation of an offer to buy securities of SATO Corporation in any jurisdiction. In particular, this release does not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for, securities in the United States. Any securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements.